SIOUX FALLS, SD - Tzadik Properties, an industry-leading, multifamily property management company and one of the largest owner operators in South Dakota, purchased the Woodlake Apartments in Sioux Falls for an undisclosed sum.
The property is located at 4008 South Louise Ave., Sioux Falls, SD 57106. The agent was Michael Haeder of Haeder & Associates of Rapid City, through an off-market listing in collaboration with Tzadik Executive Vice President and Head of Acquisitions Michael Davalos.
Tzadik plans to enhance Woodlake Apartments through approximately $1.5 million in capital expenditures.
Including 156 units on 7.62 acres, Woodlake Apartments is a workforce housing community in a prime location near The Empire Mall, dining and shopping. Woodlake Apartments offers 1-bedroom and 2-bedroom units, with an average of 725 square feet per unit and average in-place rents of $725 per unit, per month.
The purchase, financed by Merchants Bank, is the fourth group of transactions that Tzadik has performed with Lloyd Jones, a real estate investment, development, and management firm that specializes in multifamily and senior housing.
"The purchase of Woodlake Apartments is a great opportunity to continue expanding the Tzadik Properties, LLC portfolio," said Tzadik Properties, LLC Chief Executive Officer Adam Marcus Hendry. "In Q4 2020, we are adding several communities ― including properties in Houston, Omaha, and Rapid City ― in addition to this property in Sioux Falls."
Since its formation in 2007, Tzadik has managed more than $1 billion in apartment complexes, over 15 million square feet of commercial real estate, and more than 19,000 units in over 20 states. In 2020, Tzadik acquired JM Real Estate, Inc., a full-service, commercial property management, leasing, sales and investment acquisition company that is located in Brevard County, Florida.